Greysteel Capital Markets Update | November 2019

As anticipated, the Federal Reserve announced it will lower its benchmark funds rate by 25 basis points to a range of 1.5% to 1.75% on October 30. This is the third rate cut this year but the Fed signaled that it plans no further cuts unless it sees “developments emerge that cause a material reassessment.” The Fed expects growth to continue and the job market to remain strong. On November 1, the U.S. Bureau of Labor Statistics reported total nonfarm payroll employment rose by 128,000 in October—economists expected 85,000 jobs—while job gains for August and September were revised up by 95,000.